Indian industry should work in hub and spoke model: Textiles Minister

“Today, India is one of the fastest growing economies in the world with a GDP growth rate of 7.2 per cent and is expected to be 3rd largest economy by 2027-28.” The convergence of a positive domestic outlook with a growth-oriented political establishment has provided a conducive ecosystem for business in India. Several measures have been taken by the Government of India to enhance the infrastructure sector and ease of doing business, he said while inaugurating the 71st edition of the India International Garment Fair (IIGF) at Yashobhoomi Convention Centre today.

Further, the minister stated that the Indian apparel and textiles market is currently valued at $165 billion and aims to reach $350 billion, a target set with industry consent. Prime Minister Narendra Modi has created a roadmap to promote technical fibres and geo textiles, providing significant opportunities for growth, the Ministry of Textiles said in a press release.

He mentioned that his challenge is not Bangladesh, but rather aiming to surpass China in the future. He noted that water and raw material costs in Bangladesh are rising. Additionally, Singh suggested the creation of small clusters for smaller players in India to boost RMG exports.

Addressing the India International Garment Fair, Singh emphasised that revamping textile parks and promoting green textiles will be the ministry’s focus.

Union Minister emphasised in his inaugural address that the IIGF offers a unique marketing platform for micro, small, and medium exporters, showcasing India's latest trends and diverse offerings to the world. Singh further stated that developing world-class manufacturing facilities is essential for realising the Prime Minister’s vision of ‘Make in India’ with ‘Zero Effect; Zero Defect’ at every level of the value chain.

The fair is being organised by the Apparel Export Promotion Council (AEPC) through the International Garment Fair Association (IGFA), in association with three major garment Associations of India namely, Clothing Manufacturers Association of India (CMAI), Garment Exporters & Manufactures Association (GEMA) and Garment Exporters Association of Rajasthan (GEAR). More than 600 buyers from 50 countries are participating in the event. The 71st edition will also host two fashion shows each day, from 25 to 27 June.

During his address, Sudhir Sekhri, chairman of AEPC, underlined that the global headwinds had negatively affected Indian apparel exports. However, despite these adverse scenarios, the Indian apparel export industry was able to hold its own and mitigate the damage to a significant extent.

Mithileshwar Thakur, secretary general, mentioned that there is a greater opportunity for Indian apparel exporters to expand their footprint across developed countries in the coming years. He urged the Indian apparel industry to seize this opportunity and start aspiring for greater achievements.

Fibre2Fashion News Desk (KD)